Banking
Sterling Bank, AMCON in Illegal Land Sale Mess
By Dipo Olowookere
Sterling Bank and the Asset Management Corporation of Nigeria (AMCON) have both been accused of illegally selling portions of Victory Park Estate belonging to an indigenous real estate development company, Grant Properties Limited (GPL).
The portion of land allegedly sold by the Bank was 10 hectares, which was valued at N5 billion at the time of the sale from the 50-hectare land in Lekki, Lagos, where the estate is to be built. The bank allegedly secretly sold the land to one of its Directors for a fraction of its valued price.
New Telegraph reliably gathered that GPL took a loan from four banks – Unity Bank, Skye Bank, WEMA Bank, and Sterling Bank – to part-finance the development of the estate.
The loan was secured with the transfer of the shares in GPL’s subsidiary company, Knight Rook Ltd to the banks in lieu of a legal mortgage.
In a petition addressed to the Lagos State Commissioner of Police, Mr Imohimi Edgar, on November 8, 2017, Managing Director of GPL, Dr Olawunmi Olajide-Awosedo, explained that the residue of the loan was transferred to AMCON in 2011 due to liquidity problems in the banks.
The petition, which was acknowledged by the police boss, read in part; “At the time they sold the debt to AMCON, the banks were required to transfer all of our collateral; however, we found out that Sterling Bank secretly withheld 10 hectares of our land which it illegally sold to one of its Directors, Mr Yemi Idowu, a rival real estate developer, who the bank had appointed to manage the account.
“Prior to his appointment to manage the account, he had made an attempt to buy the land for a price below the market value, but we had refused to sell.
“After he secretly bought the land from his bank, Mr Yemi Idowu sold a quarter of it (2.4 hectares) to UPDC Plc for a substantial secret profit. Both UPDC and Mr Idowu commenced construction immediately.”
The GPL noted that despite getting a favourable court judgement, its staff were being tortured by suspected agents of AMCON and its lawyer, Mr Lanre Olaoluwa of Matrix Solicitors.
It also alleged AMCON of forceful eviction of its client and captivity of a mother and her child, as well as a worker.
A copy of the Lagos State High Court judgement obtained by our correspondent showed that the court nullified the sale of the land on June 2, 2017.
The judgement stated that “the land was sold by Sterling Bank after the banks had assigned the loans to AMCON; the documents of the sale were signed by Mr Yemi Adeola & Ms Justina Lewa, Managing Director and Company Secretary of Sterling Bank respectively, who had no authority to do so; Sterling Bank acted alone, as the other banks did not participate in the sale; and GPL was not informed about the sale.”
Dr Awosedo had earlier written the Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, on September 28, 2017, detailing what it termed “insider abuse, collusion and fraud” against his company (GPL) by AMCON and Sterling Bank.
The petition, which was also received and acknowledged by the CBN, read: “We took our case to court, and secured 2 orders to stop them from construction, but they disobeyed the Court Orders and continued building. They built a residential development called Cadogan Estate on the land in defiance of the Court Order.
“Having won our case, and secured our land, we wrote to AMCON on 15th June 2017, enclosing a certified true copy of the judgement, and a proposal to repay our loan from the land we won in the judgement. We wrote to AMCON to request for it to value the land and take their payment from it.
“To our surprise, since Friday, June 16, 2017, Olaoluwa has taken over our offices, facilities, estate and homes under an ex parte Court Order granted in August 2016, which should have expired after a maximum of 21 days.
“In fact, he brought an action at the Federal High Court in Abeokuta, seeking among other things, to renew the receivership, and it is instructive to note that the suit is still pending, and the court had not granted him the powers he requested before he began this process.
“As part of the intimidation to force us to compromise our judgement and ratify the illegal sale of our collateral, Olaoluwa and Matrix Solicitors obtained a judgment on October 3rd, 2017 against us in secret, as we were never notified or served any processes concerned with this suit up until they got the judgment. This is despite the fact that a previous case was still pending before the Federal High Court in Abeokuta.
“In fact, on the day they obtained judgment, we actually had a meeting at AMCON offices which was attended by Olaoluwa, his partner and an AMCON team led by Mr Saidu, AMCON’s Company Secretary. We have however filed a motion to set the judgment aside.”
The GPL subsequently called on the Federal Government and other relevant regulatory authorities to order an investigation into the activities of Sterling Bank and AMCON.
It said, “We pray for an immediate and thorough investigation of the involvement of Sterling Bank; its Managing Director, Mr Yemi Adeola; its Company Secretary, Ms Justina Lewa,; Mr Yemi Idowu; and their surrogate companies, including Mosam Global Construction Ltd; RED Ltd (Real Estate Development Company of Nigeria Ltd); SAMTL LTD (Sterling Assets Management & Trust Limited); SAMTL Properties Ltd; and Aircom Ltd in the illegal sale and development of our land.
“The actions of Sterling Bank; Yemi Adeola (MD); Yemi Idowu (Former Director and Shareholder of the bank); and Justina Lewa (its Company Secretary) are illegal under several laws. We want to draw the attention of the government and regulatory authorities to this debacle, so that they can investigate and sanction those who are found to have erred”, he concluded.
By Modupe Gbadeyanka
To strengthen Europe-Africa trade ties, Access Bank has opened a new branch in Malta. It will focus on international trade finance, employing approximately 30 people in its initial phase, with plans for controlled expansion over time.
It was learned that this Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
Access Bank Malta Limited commenced operations after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
Malta, a renowned international financial centre, and a gateway between the two continents, is strategically positioned to play a pivotal role in advancing commerce and fostering economic partnerships.
This strategic expansion into Malta enables The Access Bank UK Limited to leverage growing trade opportunities between Europe and Africa.
It underscores the organisation’s commitment to driving global trade, financial integration, and supporting businesses across these regions.
“By establishing operations in Malta, we will gain a foothold in a market that bridges European and North African economies, moving us one step closer to our goal of becoming Africa’s Gateway to the World.
“It further enhances our bank’s capacity to support clients with innovative solutions tailored to cross-border trade and investment opportunities,” the chief executive of Access Bank, Mr Roosevelt Ogbonna, stated.
“Europe has emerged as Africa’s leading trading partner, driven by initiatives such as the Economic Partnership Agreements between the EU and African regions and the African Continental Free Trade Area (AfCFTA).
“With Europe-Africa economic relations entering a new phase, The Access Bank Malta Limited is ideally positioned to deepen trade and meet the financing and banking needs of our clients in these expanding markets,” the chief executive of Access Bank UK, Mr Jamie Simmonds, commented.
Also speaking, the chief executive of Access Bank Malta, Renald Theuma, said, “Malta is uniquely positioned as a bridge between Europe and Africa, making it an ideal location for our subsidiary. This move allows The Access Bank Malta Limited to engage more closely with customers in Europe and deliver tailored financial solutions that drive growth and connectivity across both continents.”
By Adedapo Adesanya
The International Finance Corporation (IFC) and Goldman Sachs have announced a new partnership with African banks, including Nigeria’s Zenith Bank and Stanbic IBTC Nigeria to support the Goldman Sachs 10,000 Women initiative, a joint programme launched in 2008 to provide access to capital and training for women entrepreneurs globally.
The two Nigerian banks are part of nine financial institutions from across Africa which have agreed to join the 10,000 Women initiative committing to leverage the business education and skills tools the programme provides to create more opportunities for women entrepreneurs across the continent by providing access to business education.
Others banks include Stanbic Bank Kenya, Ecobank Kenya, Ecobank Cote d’Ivoire, Equity Bank Group, Banco Millenium Atlantico – Angola, Baobab Group, and Orange Bank.
Speaking on this, Ms Charlotte Keenan, Managing Director at Goldman Sachs said – “10,000 Women has had a powerful impact to date, but we know that there are more women to reach and more potential to be realized.
“We are delighted to partner with IFC to supercharge the growth of women-owned businesses across Africa, and mainstream lending to female business leaders. We remain committed to supporting entrepreneurs with the access to education and capital that they need to scale.”
Since 2008, the 10,000 Women initiative has provided access to capital and business training to more than 200,000 women in 150 countries.
“This expanded initiative marks a significant step forward in creating equitable economic opportunities for women in Africa, enabling them to build stronger, more resilient businesses and to realize their entrepreneurial goals,” said Ms Nathalie Kouassi Akon, IFC’s Global Director for Gender and Economic Inclusion.
Goldman Sachs’ 10,000 Women initiative complements the Women Entrepreneurs Opportunity Facility (WEOF), launched in 2014 by Goldman Sachs and IFC as the first-of-its-kind global facility dedicated to expanding access to capital for women entrepreneurs in emerging markets.
By Aduragbemi Omiyale
In recognition of its unwavering commitment to fostering access to financing for Nigerian micro, small and medium enterprises (MSMEs), Development Bank of Nigeria Plc has been rewarded with the Financial Inclusion Leadership Award at the Champions of Inclusion Nigeria Financial Inclusion Awards.
This was at the 2024 International Financial Inclusion Conference (IFIC) organised by the Central Bank of Nigeria (CBN) in collaboration with the World Bank and other stakeholders.
The chief executive of the lender, Mr Tony Okpanachi, said the recognition affirms the company’s efforts in expanding access to financial services for MSMEs in Nigeria.
“We are honoured to receive the Financial Inclusion Leadership Award, which is a testament to our bank’s commitment to expanding access to financial services for all Nigerians. This award recognises our efforts to bridge the financial inclusion gap, particularly for a priority sector like the MSMEs.
“Additionally, this award is a validation of our strategic focus on driving financial inclusion for small businesses, and we are proud to be at the forefront of this initiative that drives that. We will continue to innovate and expand our financial inclusion programmes, ensuring that more Nigerian small and startup businesses have access to services,” he stated.
On his part, the Chief Operating Officer of DBN, Mr Bonaventure Okhaimo, said the accolade demonstrates the firm’s dedication to driving financial inclusion and economic growth in Nigeria.
“This award acknowledges our Bank’s innovative approach to widening opportunities for MSMEs in Nigeria to grow and scale their businesses,” he said.
“This award will motivate us to continue pushing the boundaries of financial inclusion, exploring more innovative solutions and partnerships to expand our reach and impact.
“We are committed to ensuring that more small businesses and startup enterprises in Nigeria have access to financial services, this award will further inspire us to accelerate our efforts in this regard,” he stated.
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